The stock price sky-rocketed after the Q3 earnings report
Snap Inc.'s share price gained roughly 23% after the company posted better-than-expected Q3 earnings.
For the past quarter, Snap reported 249 million daily active users. Compared to the same time last year, the numbers increased by 19%.
Its Q3 revenue figures came in at $679 million from last year's $446 million. The actual figures topped the $557 million consensus.
The net loss figures came in lower than last year's $227 million at $200 million, or 14 cents per share.
Snap stated that the increases came from their newly adopted business strategy, which focuses on the brand's needs "to align their marketing efforts with platforms who share their corporate values." This refers to the StopHateForProfit Facebook ad boycott when more than 1,000 advertisers have temporarily paused ads on the social media outlet in July to fight the company's misinformation and hate speech policies.
For the future, Snap expects its revenue to grow by 50% and reach 257 million daily users.
Read how other companies have performed in Q3 here!
Sources: cnbc.com, marketwatch.com